TIPPECANOE COUNTY, Ind. (WLFI) - An affordable housing development is coming to Tippecanoe County near West Lafayette.
The development is being planned on 5.2 acres west of Paramount Drive and south of Lark West Lafayette apartments.
The project includes 60 two-to-three bedroom units in three multi-story buildings and is being funded by rental tax credits from the Indiana Housing & Community Development Authority.
The units will be income- and rent-restricted, ranging in price from as low as $350 a month for tenants making $23,000 a year and up to $975 a month for tenants making $65,000 a year.
Project-based Section 8 vouchers from Lafayette Housing Authority will be accepted in at least eight units, says Joe Hall, development manager for New Albany-based Wallick Communities.
Sallie Fahey, executive director of the Tippecanoe County Area Plan Commission, says the area currently has few options for affordable housing.
"There are probably fewer and fewer affordable apartment complexes, probably, in the West Lafayette area," she says.
Fahey added that now is the right time to add affordable housing in the area considering the recent economic downturn.
"Certainly, with things the way they are right now and so many people having lost employment, I think it's probably a good time for adding some affordable housing units," she says.
Construction is slated to begin in summer 2021 and will be completed by summer 2022.